Medical Equipment and Diagnostic Equipment Market size is estimated at USD 439.3 billion in 2024 and is expected to reach USD 696.4 billion by the end of 2030, expanding at a CAGR of 8.1% during the forecast period, i.e., 2025-2030. In 2025, the industry size of medical equipment and diagnostic equipment is evaluated at USD 471.6 billion.
The rising demand from the healthcare industry globally is anticipated to drive the medical equipment and diagnostic equipment market during the forecast period. Another factor contributing to this rise includes an increase in non-transferable diseases, such as diabetes and cardiovascular-related diseases, whose management and treatment demand advanced medical equipment. Companies in the market are trying to introduce the latest technologies in robotic surgery as well as minimally invasive surgeries. For example, Baxter International, in June 2021, introduced a new digital health platform developed to support remote patient monitoring and further seal the position of connected healthcare devices in driving improved outcomes. The government's investment in enhancing healthcare infrastructure, especially in emerging markets, also supports this market growth.
The medical equipment and diagnostic equipment adoption is rising due to a greater tendency toward diagnosis of diseases at an early stage, personalized medicine, and prevention. New diagnostic tool innovations increasingly employ AI and machine learning to enhance accuracy and speed, such as when Roche introduced its new AI-enabled diagnostic oncology tool in September 2024, offering physicians real-time information that helps in better planning of treatments. Such advancements, combined with efforts by governments to increase funding for developing novel diagnostic technologies, are anticipated to boost the market during the forecast period.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2030 |
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CAGR |
8.1% |
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Base Year Market Size (2024) |
USD 439.3 billion |
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Forecast Year Market Size (2030) |
USD 696.4 billion |
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Regional Scope |
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Product Type (Drug Delivery Systems, Medical Devices, Diagnostic Devices)
The medical devices segment dominates the global medical equipment and diagnostic equipment market, holding a 43.5% share in 2024. This growth is due to minimally invasive surgeries, robotic-assisted systems, and wearables in health technologies, which continue to push technological advancements. The integration of AI into medical devices also enhanced their accuracy and efficiency, henceforth considered very critical in current healthcare. For example, Johnson & Johnson's announcement of the launch of Ethizia, a hemostatic sealing patch, and Cereglide aspiration catheter in Europe in November 2023 marked the growing importance of innovative medical devices that are being recognized for their vital role in improving patient outcomes and boosting market growth.
Raw Material (Metal, Plastic, General-Purpose Engineering Plastics, Super Engineering Plastics, Ceramics, Others)
The plastic segment dominated with a 40.3% share in the global medical equipment and diagnostic equipment market in 2024 due to its versatility, cost-effectiveness, and ease of manufacturing. Single-use disposable medical devices are manufactured using plastic in massive numbers to meet the huge demand generated due to acute infection control pressures in the healthcare industry. The demand is also rising as plastics provide the light and durable component needed by many medical equipment. In December 2023, Neste and Eppendorf announced a collaboration in the development of biodegradable plastic lab consumables. The shift toward more sustainable materials has retained plastic's widespread utility in medical manufacturing.
Our in-depth analysis of the medical equipment and diagnostic equipment market includes the following segments:
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Product Type |
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Raw Material |
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End user |
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North America Market Analysis
North America is expected to lead the global medical equipment and diagnostic equipment market, holding a projected 46.5% share by 2030. The region's strong presence in healthcare innovation, coupled with high investments in research and development, drives market growth. Advanced technologies such as AI-powered diagnosis and robotic-assisted surgeries have seen high adoption in the U.S. Besides this, through different government initiatives such as the Inflation Reduction Act 2022, North America continues to maintain the lead by promising funds for research in medical areas.
In the U.S., the demand for medical equipment and diagnostic equipment is rising due to the increasing pervasiveness of chronic diseases within the U.S. economy. Furthermore, the demand for personalized medicine drives investment in diagnostic equipment. For example, Thermo Fisher Scientific introduced a new, high-throughput diagnostic platform in June 2024 that was able to detect several biomarkers at one time, thus accelerating the detection and diagnosis of a certain disease. With a robust health infrastructure, the U.S. has an emphasis on innovation, leading with leading-edge medical technology.
Canada is also witnessing a surge in medical equipment and diagnostic equipment adoption, especially with the range of digital health and diagnostics launched by companies. Furthermore, the friendly regulatory environment in Canada and further growing investments in healthcare technologies have propelled the country to maintain its position in the North America market.
Asia Pacific Market Statistics
Asia Pacific medical equipment and diagnostic equipment market is likely to witness expansion at a 9% CAGR during the forecast period. This is due to growing investments in healthcare infrastructure and building disposable incomes in major markets like India and China. The demand for both medical and diagnostic equipment is increasing in the region as its robust healthcare solutions are adept at affordability and accessibility. The governments are encouraging the local manufacturing of the apparatus to reduce dependency on the import, thus giving more leverage to the market.
In Asia Pacific, India is anticipated to register an increase in the adoption of medical equipment and diagnostic equipment due to government initiatives supporting healthcare infrastructure. For example, in February 2023, the government announced the expansion of its Make in India, “Make for the World” initiative to include medical devices, with tax breaks and funding for local manufacturers. This is expected to reduce dependence on imports and spur innovation in locally made medical equipment, further driving market expansion.
China is another major player in the medical equipment and diagnostic equipment market, witnessing growth driven by an increasing elderly population, along with immense governmental support for innovative healthcare. This move is part of the country's wider strategy aimed at establishing it as a global leader in medical technology, with huge government funding and policy support for health innovation. Additionally, significant investments in AI-driven diagnostics and advanced medical devices are propelling the country's healthcare sector forward.
The medical equipment and diagnostic equipment market is fiercely competitive, with a few leading players like Boston Scientific, Thermo Fisher Scientific, Baxter International, and GE Healthcare. These players focus on developing innovative solutions regarding digital health, personalized medicine, and AI-driven diagnostics to keep their lead in the market. While smaller firms and startups move up the curve by focusing on niche markets such as point-of-care diagnostics and portable medical devices. For example, in July 2024, GE Healthcare launched its new ultrasound system, powered by AI and designed for use in emergency rooms and critical care settings. This product launch indeed underlines the increasing emphasis of companies on delivering AI integration within the industry to assure better, quicker, and easier access to healthcare services.
Here are some leading companies in the medical equipment and diagnostic equipment market:
Author Credits: Radhika Pawar
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